Metalicity uncovers major zone near historical gold mine
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Special Report: Metalicity has identified a ‘compelling’ 1.3km geophysical anomaly that is on strike and 2.5km north of the historical Cosmopolitan gold mine.
The anomaly was uncovered by a drone magnetic survey over the DCC, which hosts the historical mine, and Altona trends at the company’s Kookynie gold project in WA’s Eastern Goldfields region.
Metalicity (ASX:MCT) said the survey also identified five targets that had similar geophysical and structural settings to known mineralised areas within the Cosmopolitan gold mine area.
The company plans to secure a second rig to test these high-priority targets. The first rig has drilled 68 holes so far in the current program, with 24 holes awaiting analysis at the laboratory.
Results are also pending from surveys over the Leipold-McTavish, Champion and Fortuna-Orient Well East trends.
“This is an incredibly exciting time for the Kookynie gold project with such high tenure targets near the prolific Cosmopolitan gold mine wholly within granted tenure being generated from this exercise,” managing director Jason Livingstone said.
“The very similar settings of these targets bode very well for the prospectivity of the identified targets, especially uncovering a 1.3km anomaly some 2.5km north of the Cosmopolitan gold mine that has an incredibly similar signature with not a single drill hole into it.
“This is a fantastic result and confirms our interpretation of the area, let alone the incredible prospectivity.”
The Kookynie project, about 50km south of Leonora, hosts six historical prospects including the Cosmopolitan mine that produced 360,000oz of gold at an impressive 15 grams per tonne (g/t) between 1896 and 1922.
Metalicity recently released a conceptual exploration target of between 294,000oz and 967,000oz at Kookynie.
While the DCC trend hosts the Cosmopolitan mine, the latest work indicates that the Altona trend appears to be its mirror image with the same geophysical anomalism and structural disruption.
Altona is 1.5km east of DCC and produced about 88,700oz of gold at an average grade of 30g/t between 1900 and 1965.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.